Individual Taxes

Can I deduct expenses for caring for an elderly parent at home?

You may be able to deduct expenses for caring for an elderly parent at home if they qualify as your dependent and the expenses exceed 7.5% of your adjusted gross income; you might also qualify for the Dependent Care Credit or claim your parent as a dependent under certain conditions.

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Are legal fees deductible on my taxes?

Legal fees may be deductible if they are business-related, tax-related, or tied to rental properties. Personal legal fees, including divorce costs, are typically not deductible.

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